Common use of Resignation of the Collateral Agent Clause in Contracts

Resignation of the Collateral Agent. Should the Collateral Agent ever cease to be either the Revolving Administrative Agent or the Term Administrative Agent, or should the Collateral Agent ever resign as the Collateral Agent, or should the Collateral Agent ever be removed with cause by the Required Lenders (other than the Lender then acting as the Collateral Agent), then the Revolving Administrative Agent or the Term Administrative Agent appointed by the Required Lenders (other than the Lenders then acting as the Collateral Agent) shall forthwith become the Collateral Agent, and the Borrower, each Grantor, the Revolving Administrative Agent, the Term Administrative Agent, the Revolving Lenders and the Term Lenders shall execute such documents as any Revolving Lender or Term Lender may reasonably request to reflect such change. Any resignation or removal of the Collateral Agent shall become effective upon the appointment by the Required Lenders (other than the Lender then acting as the Collateral Agent) of a successor Collateral Agent; provided, however, that if the Required Lenders fail for any reason to appoint a successor within 60 days after such removal or resignation, the Collateral Agent shall thereafter have no obligation to act as the Collateral Agent hereunder.